Where Does Crypto Go From Here?
One year ago, people were spending their life savings on a collection of digital pixels. Some of these pixels resembled monkeys, some resembled futuristic-looking cities or even pictures of chubby penguins. Today, people are unemployed at a record high, Bitcoin is trading at its lowest price since Nov. 2020.
Where Does Crypto Go From Here?
Looking back to Nov. 21 in the world of crypto it’s okay to admit that things looked unsustainable but we still all bought in anyway. Besides if you didn’t change your twitter avatar to a picture of that shitty NFT you just blew 10k on, were you really living?
(Not my avatar on my verified twitter in 2021…)
Fast forward until Nov. 2022 and we just witnessed another exchange go to zero. And yes, if you’re really thinking you own real crypto keys on an exchange you have lots of reading to catch up on. But I’m going to defend exchanges. How does the average person just getting exposed to crypto, invest in it? Well most likely CoinBase.
And Brian Armstrong is looking a whole lot better after internet nerd – err I mean Sam Bankman-Fried – just went belly up with his FTX exchange.
So where do we go from here? CoinBase has a very unique opportunity to work with the SEC and US Government to find a more sustainable and fiduciary situation moving forward. Yes, I’m not a fan of exchanges. But they make crypto accessible. And if we learned anything from the fraudsters at FTX, we know that there may be some oversight needed.
Does that defeat the entire purpose of crypto? Yes. Is it time to move onto the next thing then? No. All of the top minds are still involved in crypto. And with the political, economic and social climate we’re in currently, I’d wager on the crypto gurus to find a better solution.
It’s an interesting time we’re living through. But it serves as a reminder to be careful who you trust, look out for your friends and family first, and think twice before yolo’ing into the next meme computer coin.
What do you think is next in crypto, anon?
GN <3
